Business Model On “Mobile Financial Service
of Bkash Limited In Bangladesh”
Alfadzly Alli, A.B.M Shahed Bhuiyan
Master of Management, Department of Economic and Management Sciences, International Islamic University
Malaysia, Gombak Kuala Lumpur.
Instructor: Assoc. Prof. Dr. Abd Rahman Ahlan
Date: 29-11-2016
Acknowledgement
All praise due to the Lord, Allah alone. We praise him, seek his
help and forgiveness. We bare witness that there is no god
worthy of worship except Allah, and that Muhammad is his
servant and his messenger. All thanks and praise to Allah for
giving us the boldness, stamina and strength during the process
of conducting this project. It is with Allah’s power, help,
guidance, and blessings that this project has been possible. We
would like to mention that this struggle is the result of the
efforts of a number of significant and valued people who have
helped and supported us during the project. Therefore, to these
people, we would like to express our sincere thankfulness and
thanks to all of them we are greatly obligated, as the Messenger
of Allah said, “He who does not thank people, does not thank
Allah”1.
Our deep thanks, appreciation and gratitude to our lecturer,
Assoc. Prof. Dr. Abd Rahman Ahlan, who provided insights
and guidance on this project. We would also like to thank the
members of the group who have worked tirelessly to find
information, analyze and research the problems that occur in
the system bkash Limited. We also wish to express our
appreciation and thanks to the Kota Raya branch manager of
bkash (Kuala Lumpur), the brother, who has taken the time
and insights to her and give support in solving problems that
occur in the mobile financial services like bkash Limited.
Introduction
The advancement of new technologies has introduced many
inventions in the field of finance which make the financial
system more comprehensive, speedier and more convenience.
Mobile phone is one of the latest inventions of modern science
and has already got a wide acceptance throughout the world. Its
wide use brings the opportunity to involve it in the financial
system as a medium of providing financial services. The
services provided through mobile phone have thus got the name
of “Mobile Financial Services”. It is completely different from
the narrowest form “SMS Banking” because here a completely
different procedure is used. One does not have to open bank
account rather a mobile Account to get the services. In
Bangladesh, Mobile financial services have got its popularity
very recently and bkash is the most influencing organization
behind this popularity.
Background of Project
Bangladesh’s first broad their mobile financial service
provider, bKash Limited, is a subsidiary of BRAC Bank.
BRACK bank Ltd, and moray motion of USA is a joint venture
company and they have started up they operation on July 22,
2011. It has begun its expedition to provide a larger choice of
financial services such as transfer and getting money, payment,
easy mobile reloads, global remittance etc. It has focused to aid
the lower salary group of Bangladesh to attain larger financial
addition by providing many financial services that are suitable,
cheap and safe. More than 70% of the peoples of Bangladesh
are in a requirement of formal financial services, either for
getting funds from loved ones in distant locations or to access
formal financial services to recover their current economic
ailment. Less than 15% of Bangladeshis are linked to the proper
banking system while extra than 68% have mobile phones. And
the devices also can be used more than talk and message and
sophisticated processing tasks. The bKash has used these
mobile devices to develop financial services in a more protected
and well-organized way to the isolated parts at Bangladesh.
Project Objective
The objective of business process improvement establishes
effectiveness, efficiency and adaptability.
The broad objective of this project is to Identify and measure
both the current attitudes and new forward-looking intentions
of potential and existing customers towards the services of
bKash. Effectiveness focuses on the customer of the process
delivers what they want. Efficiency process on the agents
responsible for the all process and how easily they can use
business process and adaptability evaluate how business model
can easily be modified and facing change in business
requirements. There for, this project aims:
Specific Objectives:
➢ To know whether bKash provides services to its
customers in an efficient way.
➢ To identify how the company, maintain relationship
with a large group of customers.
➢ To find out how well bKash meets the agreements of
customers.
➢ To find out whether bKash offers are designed to meet
the needs of existing and potential customers.
➢ To identify how bKash communicates to its
customers.
➢ To find out whether bKash offers are really beneficial.
➢ To find out satisfaction level of customers towards the
services of bKash.
 ➢ Try to analyze identify issues causing customers
complaints about the current services provided by
Bkash.
➢ To provide of the current services and payment
process as well as suggest fundamental solution for the
issues found.
Methodology
The study has been directed created on both prime and
secondary data. At the primary of the data we were collected
the feedback from 40 respondents who all are the Bkash users
in the area of Kota Raya, Kuala Lumpur. Respondent were
randomly selected rural and urban areas in Bangladesh. For this
a structured questionnaire was developed including both open
ended and close ended question. The study used some factors
like transection time, cash out facilities, secured transection to
analyse the bkash user opinion toward the services. After
collecting the data from the survey as well as from other
published sources, interpretation was made by using simple
percentage analysis. A well-structured questionnaire used as a
data analysis tool. Finally based on the survey results the
project provided some recommendations.
What is bkash?
Through B-Kash the people can transfer money from one place
to another just using the basic mobile phone and a simple
protected. Other than that, bkash also provide more feature to
their customers with adding function for make payments, pay
bills, purchase items whether physical items whether physical
or electronic.
It is very different with a Mobile banking that also known as
M-Banking or SMS banking whether in term using. In m-
banking the customer can perform account balance checking,
doing account transactions, make payments, make credit
applications and other banking businesses via a mobile phone.
The m-banking system need customer to download the
application for mobile phone and user need to connect into the
internet when they want making the transaction
Business Model

Project Limitation
Project was confine within Comilla and Kota Raya (Bangla
Market) weather the result would roof rafted the actual result.

➢ This service is dealing with the people who have

mobile phones. So, the people do not have mobile
phones are not adopted here which can be mismatch.
➢ Sample size is too small to present the actual result and Services provided by bkash
the sample size is 40. Product and services: Currently bkash is offering wallet to
➢ Shortage of knowledge about mobile phone is another wallet money transfer, money transfer via token and merchant
constraint limitation of the study. payment. Many more are to be added soon. A user can register
➢ Retailer or agents go rot interest to shave some at bkash from any bkash outlet for free.
confidential information which is needed for us for Technology: Technology platform of bkash has been develop
study purpose. by Fundamo is the world’s major specialist provider of
➢ Some users are known a little bit about this service innovativeness mobile financial services software which is a
which is not sufficient to us. VISA company based in South of Africa. Fundamo has
➢ The respondents were not so friendly to spend much completed over 50 successful client deployments in 30
time for answering our questions and filling up countries all over the world. Bkash mobile wallet is fully
questionnaire. encrypted to ensure most secure transaction. Bkash system
platform a 2 steps verification; one is the wallet number and the
Company Profile other is a PIN. Each customer chooses a PIN code for his own
The Company of bKash Limited is a subsidiary of BRAC Bank against his wallet number and every transaction has to be
Limited. BRAC Bank Limited with Bangladesh Government authorised by that PIN. Every transaction generates a unique
and company Money in Motion LLC, USA begin their business transaction ID and send confirmation SMS with detail to both
as a joint venture. International Finance Corporation (IFC) a payer and payee. Bkash wallet remains intact and secured even
member of the World Bank Group in April 2013 and turn into if the phone is lost. Currently users’ access bkash through
an equity member in April 2014. The investor of the company USSD and will be able to access through IVR, WAP & WEB
to bkash is Bill & Melinda Gates Foundation. The last objective soon.
of bKash is to guarantee the access to a larger range of financial
services for the people of Bangladesh. It has a special focus to
serve the low-income masses of the country to achieve broader
financial inclusion by providing services that are convenient,
affordable and reliable. This company has been launched in
year 2011 and start their business with they own afford. The
business model for bkash is B2C that mean the business to
customers. They target for the business is directly to customer.
The needed device that customer needs to be used for access to
this service is just at-list a basic mobile phone and the primary
delivery technology is through SMS and USSD technology.
The Product and Services that has been provided by bkash is
for Bangladesh market areas. 2.2 million bkash user is
estimated currently.
2
Refer to the central bank in Bangladesh their have define clearly
guideline of the role of mobile operator and the mobile finance
service (MFS) provider. The system provided by Mobile
operator will connecting between servers of MFS as providers
with phone-owner. Mobile operators will be receiving the
revenues from MFS providers in such connectivity. Because of
only as a connectivity provider, mobile operator has an
appropriate incentive to maximizing the volume of connecting
and it would be their revenue. After making safe preparations
via income sharing models between bkash and mobile
operators, bkash succeeded to secure more than 98% mobile
user admission to the service in Bangladesh.
The replicable model that on one hand continues the regulatory
of the integrity and on the others, offers acceptable the
economic opportunities for the mobile operators.
Potentials: bkash presents a persuasive business plan which
take advantage of on a suitable economy to dramatically
enlarge access to formal financial services as a full-scale mobile
phone-based. This will extremely advantage country by way of
83% of the people survives below $2 a day and access for
money can help educating the economic condition.
Customers will be able to obtain electronic cash into their bkash
accounts over salary, loan, domestic remittance, and other
payments and finally will cash out the electronic cash at any of
the bkash agents.
System Design and Procedure
How bkash function?
Bkash continues a vast network to run its services. A simple
form of the network is exposed below for diagram.
Registration as bkash user and cash in are free of transaction.
For a person-to-person money transfer, customer need to pay
for flat rate fee of BDT 2 (or $.02) nevertheless of the size of
the deal. If customer want to cash out, the amount is a flat rate
of 1.85% for each withdrawn. For instance, if worker want to
cash-out DBT 50, the transaction fee is BDT 0.92 or ($.01).
“many bkash customers have such small tickets, but their large
volume compensates for the apparent small ticket size.” As per
the central bank’s treatment, bkash credits the full cost of the
clients’ holder balance in a designated BRAC Bank account,
which is under the scrutiny of the central of bank. Distinctly,
BRAC Bank continues the record of all individual bkash
accounts in its own system. “In the process, bkash maintain a
preparation that is cost actual, but stays fully under the central
bank power.” Once users have electronic money in their bkash
mobile wallets, they can send the money to another bkash
mobile wallet suddenly. Recipient can walk to bkash retail
agents who give physical cash in exchange for electronic
money and charge service fees. “bkash’s focus on reaching the
poor distinguishes it from services that have fees for cash-in or
a minimum cash-out fee.”
3
Definition of bkash system
Bkash account is a virtual storage of money and can be accessed
via mobile phone. After that user doing register phone number
and after the registration complete the phone number will be as
a bkash account number. To go to the menu of the mobile
financing service just dialling in the phone device *247#. To
depositing cash just go to menu and choose cash in. If to
transfer the money from owner of bkash to another bkash
account just choose cash. User can withdraw cash from neither
bkash account or direct to BRAC Bank ATM using Bkash
account. Make a payment from bkash Account to a supplier in
contradiction of product or services that they purchase. User
can check the account balance, show mini statement, activated
ATM withdrawer service and changing pins at option on bkash
Mobile Menu through My bkash. Bkash mobile menu secrete
pin is a confidential number will be using for withdrawer from
ATM. The certain safety code for withdraw cash at ATM is a
single time PIN. The produced pin can be used single time only
and valid in an hour. A system produced unique reference
number against each transaction that is preserved as
identification. (USSD) unstructured Supplementary Services
Data Channel, Gateway that routes USSD messages from the
signalling network to a service application and back. USSD
messages travel over GSM signalling channels and are used to
queries information and start services. Unlike similar services
(SMS and MMS), which are store and forward based. USSD
establishes a real-time session between mobile phone and
application handling the service.
How to open the bKash account:
Go to nearby bkash Agent along with mobile phone, copy of
user photo ID (National ID/Passport/Driving License) and two
copies of passport size photos. Fill out the account opening
form and put thumb print and signature properly. Make sure
that user have taken a copy (customers copy) from agent and
preserve it for future reference. After opening the account, user
need to activate at the bkash the Mobile menu. Following are
the steps to activating the mobile menu.
Go bkash mobile menu by dialling *247#, Choose (Activate
Mobile Menu), Enter a new pin for user bkash Account and
Enter the pin again to confirm. Thereafter, the user will receive
a message from Akash approval. Please save in a secret PIN at
all the time.
Other Procedure
Use following steps to pay
Make payment from the bkash account to any “Merchant” who
agrees “bkash payment” for example, if want to pay after
shopping.
Dialling *247# in a mobile phone and will go to menu. Choose
‘payment Option’ by pressing ‘3’. Fill business wallet number:
01768700284 (example). Fill BDT quantity amount have to pay
(xxxx). Fill a reference against your payment (xxxx). Fill the
counter number 1. After that fill PIN to confirm xxxx. After
complete, user will get an approval SMS from bkash.

Make payments at the following outlets using bkash shopping.
Check Balance
User can check bkash account balance anytime they want from
the “Check Balance” option. To check current balance in
Account.
Go to bkash mobile menu by dialling *247#. Select ‘My bkash’.
Choose ‘Check Balance’. Enter your Mobile Menu PIN, User
will appear the current balance and available balance of bkash
account.
Request statement
Mini Statement with details of latest transaction.
Dial *247# will go to bkash mobile menu, select ‘My bkash’.
Select ‘request statement’. Fill Mobile Menu PIN.
Change Mobile Menu PIN
For ensuring the safety of bkash Account, it is recommended
that user change the bkash Mobile Menu PIN when user feel
that it may have been compromised. To change the PIN.
Dial *247# will go to your bkash mobile menu, select ‘My
bkash’. Select ‘Change Mobile Menu PIN’. Fill your OLD PIN.
Fill a new PIN to change the old one and fill the new PIN again
to confirm.
Activate ATM
To avail the bkash ATM Cash Out Service. User need to
activated this feature at bkash mobile Menu. This is a single
time action. Following are the steps to activate the ATM cash
out service.
Dial *247# will go to bkash mobile menu, Select ‘My bkash’.
Select ‘Activate ATM’. Fill a new 5-digit PIN. This PIN will
be your ‘bkash ATM Cash out PIN’ and better to type it
different from ‘Mobile Menu PIN’. Fill the PIN again to
confirm.
User will get the confirmation message stating that they have
successfully activated their ATM cash out service.
4
Change ATM PIN
For confirming the security of bkash ATM cash out PIN. It is
suggested that user change it when feel that it may have been
compromised. To change the PIN:
Dial *247# will go to bkash mobile menu. Select ‘My bkash’.
Select ‘Change ATM PIN’. Fill OLD PIN. Fill a new 5-digit
PIN to replace the old one. Fill the new PIN again to confirm
User will get the approval on the mobile that have successfully
change old PIN.
Cash In
To deposit money into user bkash Account:
Go to any bkash agent. Let them know the amount want to cash
in. Fill the bkash account number and the Cash In amount in the
agent register. Pay the amount of money want to cash in. In
exchange, the agent will send balance to user bkash account.
Cash In done. User and the agent both will receive a
confirmation message from bkash. Don’t forget to sign the
agent Register before leaving the counter.
From Agent Cash Out
If have enough balance in bkash Account, user can withdraw
cash anytime from any bkash Agent. To cash out from bkash
account just follow below guideline.
Go to any bkash agent and let them know what is the amount
that the user wants to cash out. Fill the bkash account number
and the amount in the agent register. Dial *247# on mobile for
the bkash mobile menu. Select ‘Cash Out’. Select ‘From
Agent’. Fill agent’s bkash account number (Ask the agent). Fill
the amount and fill bkash mobile Menu PIN. After complete
user and the agent will both receive a confirmation message.
Count the amount that receive and make sure it is correct and
sign the agent register form before leaving the counter.
Send Money
Send Money allows to transfer money from user bkash account
to another bkash account. To doing the transaction just follow.
Dial *247# will go to bkash Mobile Menu. Select “Send
Money’. Select bkash Number want to send the money to. Fill
the amount want to send. Fill the reference about the transaction
(just use one word, avoid special character or space). After that
select bkash mobile menu PIN to confirm the transaction. After
completing the transaction user and the receiver both will get a
confirmation message from bkash.
Buy Airtime
Buy Airtime allow to reload Mobile Airtime from bkash
account. User can buy Airtime for own mobile phone or for
someone else’s mobile phone just follow the step below.
Dial *247# will go to bkash mobile menu. Select ‘Buy Airtime’.
Select your operator. Select connection type. Fill the 11-digit
mobile number that want to buy airtime for. Fill the amount
want to buy. Fill bkash Mobile Menu PIN to confirm. After
done user will obtain confirmation message from bkash .
Currently, this service can be used for any bkash account holder
to Buy airtime for all Airtel Number and Robi Prepaid number.
International Remittance
Bkash brings you the easy way and the most convenient of
receiving and sending international remittance.
A bkash user can save an amount a maximum amount of TK.
150,000 in bkash Account at any moment. For example, the
user has Tk. 150,000 in their account, the maximum amount can
be sending is Tk 100,000 in Bangladeshi currency at the
specific Account.
Tariff & Limit
Partner of bkash
Proposed Improvement
To improve the observation of technology, sustained by low
revenue users:
One of the main challenging stems from the observation of
technology preserved by low income users. In example, many
users wrongly think that they need advanced skill to using the
technology. The same issue appears to them that they often
think that advanced English is required to use bKash even
though in fact there are very little English is required to use the
service. education program to overcome these issues should
provide by bkash to let they know what is the true. We think
that if bkash provide their education program that easily she or
5
he can understand and easy to use bkash mobile menu. Because
with a long-standing observation that advanced and modern
think are not provided to them. Low income user is lead to trust
that there are independent on others for getting a service.
Contravention this malicious round with the help of bkash
education program otherwise it is one of the hardest parts of
attractive bKash to a level where physical cash would be
obsolete.
To improve user centric attitudes
The package has a main objective is to see low revenue users
accept electronic money as a genuine substitute of physical
money. They understand the requirement needed to use bKash
is confidence – “the confidence to believe that one can take
control of her financial decisions, save money, spend wisely
and complete transactions in a manner that was never possible
before”. Completing these levels of user confidence be subject
to upon kind current user requirements and habits in detail. Old
habits like keeping the money under a mattress, insecure
transfers, and paying high transfer fees need to be changed by
new habits keeping money in a safe digital system, secure
transfers, paying low fees, recognizing the importance of being
part of financial inclusivity. The organisational goal line of
shifting these old ways to new better habits depends upon first
understanding and building around the end user.
Suggestions to improve bkash business models now a days
bkash limited has become a big popularity in Bangladesh. It is
the easiest way to receiving and sending cash from any angle of
the country. People can use it simply, so there are problem
people are facing for using bkash limited.
Problem No 1: No recovery system for lost money.
People may be doing mistake to making transaction by using
their mobile phone, but there is no protector system to recover
money from incorrect number in bkash limited.
Causes of problems:
As bkash limited is a mobile based banking system, so there are
so many causes for occurring this problem.
a) Someone may input incorrect amount of
money for transfer.
b) Customer may press incorrect button of his
mobile phone.
c) Customer may input incorrect number for
transfer cash.
Solution of problems
We talked with the employee of bkash limited about the
problem, they told me that they are not taking any types of
solution of this problem yet, because sender may cheat with the
receiver of money by recovering money from the receiver after
sending money. We think bkash should provide education
programme to overcome this issue.
Problem No 2: Very expensive charges.
The services charge of bkash limited is very expensive than
standard banking system. This problem is falling intention of
using bkash service to the customers.
Causes of very expensive charge:
Sender must pay a charge for transfer money. Receiver must
pay some charges also for collecting cash to bkash. On the other
pointer, receiver must pay 5 tk charges to the agents also. After
addition, all charges the services get very expensive.

Solution for the problems:
Bkash should provide more money to the agents for savings and
agent should also keep some amount of money in advance
which will help them to provide more services to their
customers and attract more customers for using bkash.
Problem No 3: Not available agent
There are so many mobiles reload shops in different location in
Bangladesh. But everybody is not agents of bkash limited. So,
the number of bkash limited is very small in the rural area or
village area of different district in Bangladesh.
Causes of the problem:
Some of retailers avoid to take the risk of money for their
customers. If the retailer makes the mistake for sending money,
he must repay the money to the client because of no protector
systems in baksh limited. On the other hand, agents receive a
small amount of commission from bkash limited.
Solutions of the problem:
a) Bkash should encourage agents by increasing their
commission
b) Bkash should make recovery system to reduce the
against’s risk
c) In a special day or occasion like Eid, Puja etc. bkash
should provide some mobile agent point in different
location from which customer can collect money by
bkash.
Problem No 4: Less external security
The external security of bkash limited is very lower than normal
banking. In a normal bank, customer makes their transactions
after entering an ATM booth or into the bank office. So, bkash
service is riskier than another normal bank.
Causes of the problem:
Most of the shops of agents of bkash limited are in open place
where people gather every day.
For example, the shops are situated in a market which is the
risky zone for money. Thief may attack the customers after
withdrawing money from bkash as the customers withdraw
money in the public place and less external security.
Solution of the problem:
a. Agents should make some privacy system for making
transaction with their customers.
b. Agent may make a private room for giving money to
their customers.
Reference
6
Problem No 5: Money laundering
Many bankers allege that mobile financial services (MFS) like
Bkash are now the safe haven for money laundering and terror
financing as such transactions are still out of real time
monitoring. To check money laundering, the central bank has
set limit of transactions. But the effort is not enough to mitigate
the risks. Anyone can send money through MFS to another
person without submitting his details, which gives scope for
money laundering and terror financing, leading bankers said
quoting international experts opinions. From terrorist
financing, money laundering, international criminal gangs to
drug networks, the big challenge for banks now is the
increasing volume and speed of money transactions. Where
such transactions used to take four days to clear, now take four
minutes. But each transaction must be checked against the list
almost in real time. Here Bkash is out of this track due to lack
of proper monitoring system, some central bank official told the
daily.
Solution of the problem:
New laws should be enacted to deal with organized fraud
groups. Opening MFS account with false or fake documents
should be strictly controlled. The original ID was shown to
agent during submission of a photo-copied one. Keeping
agents’ role in opening an account fraudulently, we also mustn’t
forget that it’s bank’s responsibility for authenticity of the KYC
data during opening an account (Bangladesh Bank, 2011,
section 9.0, p-3).
Conclusions
In this report, we have highlighted the main issues in bkash
business model that are affecting customers as one of the most
critical assets that the bkash limited needs to concern about. We
have examined the current issues in customer’s payment system
and less external security based on the business process.
Process mapping was our methodology to build an illustration
of the current system where an overall view can be given for
the payment system and for higher service charge for each
payment method. We describe each process for each payment
methods indicating the critical issues and highlighting the
problems that are existing. The main problems were caused by
the agents that leads to create money loundering and less
external security. We have also highlighted several important
issues relevant to project. Finally, operators can draw upon their
local area and customer expertise to more effectively
communicate value proposition of mobile financial services.
This will improve efficiencies and scale to the national
payments system.
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